AsemconnectVietnam - In 2024, the cost of renting an office is approximately VND6 billion, with an average price increase of more than 10% per year, which is a financial pressure for the business, so TV3 decided to spend about VND135 billion to build a new headquarters, including 50% of borrowed capital.

At the 2025 Annual General Meeting of Shareholders held on April 24, Power Construction Consulting Joint Stock Company 3 - PECC3 (code TV3) set a revenue target of VND200 billion and pre-tax profit of VND14 billion, an increase of 8% in revenue and 7.7% in profit compared to 2024.
In addition, the Company plans to reach VND240 billion in contract value, focusing on finding and signing new contracts with major customers in the electricity industry, including Vietnam Electricity Group (EVN) and EVN's member units in accordance with the Company's business lines.
The Company's Board of Directors said that, in addition to continuing to maintain relationships and seek contracts from traditional customers, PECC3 is promoting a strategy to expand its customer base to the private sector and partners outside the EVN system.
In 2024 alone, the total value of PECC3's signed contracts will reach VND282 billion, above the target of VND300 billion. Of which, the contract value with EVN and its affiliated units is only VND81 billion, accounting for less than 30% of the total contract value; the remaining part - more than VND200 billion - comes from other customers, including some units under PVN, including the typical project O Mon 3.
Answering shareholders' questions about PECC3's profit contribution structure this year, Mr. Nguyen Nhu Hoang Tuan, Chairman of the Board of Directors of the Company, said that with a profit target of VND14 billion, it is expected that about VND7.5 billion will come from dividends from Thuan Binh Wind Power Company; the remaining part will mainly come from the Company's core business activities, expected to increase compared to last year (more than VND1 billion).
Regarding the construction investment plan, TV3 will continue to implement the construction investment project of the Company's Production Management House in Thu Duc (HCMC), with an estimated cost of 36.4 billion VND in 2025. According to the plan, the project will complete the preparation phase and be granted a construction permit in the second quarter of 2025, and will start construction in the third quarter of 2025 and put into operation in the second quarter of 2027. Informing shareholders about the project's progress, Mr. Tuan said that the project is currently implementing the feasibility study report preparation step. This is the next step after completing a number of legal procedures with the authorities.
The total investment for the project to build the operator's house is estimated at about VND135 billion, of which about 50% will be mobilized from loans, the rest will be used from the Company's own capital, including retained profits after tax and annual development investment funds.
According to the 2024 financial report, PECC3's development investment fund reached VND35.53 billion and undistributed profits after tax were VND24.01 billion. The specific plan on capital structure and mobilization roadmap will be completed and fully presented in the upcoming feasibility study report.
In response to shareholders' questions about the need to invest in building a new headquarters, the Chairman of the Board of Directors of TV3 answered that the building at Ngo Thi Nhiem, District 3, Ho Chi Minh City is currently a real estate leased by the Company. Although the rental rate is considered not too high compared to the general level of the central area, it is still a large expense for the business.
"In 2024 alone, the cost of renting an office will be about VND6 billion and the contract will have to be renegotiated every year, with an average price increase of more than 10% per year. This is a significant financial pressure and does not bring long-term accumulated asset value to the business," said Mr. Tuan, emphasizing that not having to pay rent will contribute to creating cash flow to pay principal and interest during the construction phase, helping the Company settle down.
Therefore, PECC3 has planned to build a new executive building in Thu Duc on a land area of 2,500 m². It is expected that the project will be built at a density of 50%, however, in the first phase, to save costs, the Company will only build a part with a floor area equivalent to - or slightly larger than - the current office area.
N.Nga
Source: VITIC/Tinnhanhchungkhoan